Canaccord Genuity Group Issues Positive Forecast for Corcept Therapeutics (NASDAQ:CORT) Stock Price

Corcept Therapeutics (NASDAQ:CORT) had its price objective lifted by research analysts at Canaccord Genuity Group from $110.00 to $135.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 94.61% from the company’s current price.

Several other analysts have also recently issued reports on CORT. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Piper Sandler lifted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. UBS Group set a $135.00 target price on Corcept Therapeutics in a report on Thursday. Finally, HC Wainwright lifted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corcept Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics Trading Up 4.1%

CORT stock traded up $2.72 during midday trading on Thursday, reaching $69.37. The stock had a trading volume of 470,807 shares, compared to its average volume of 1,785,351. The company has a market cap of $7.45 billion, a price-to-earnings ratio of 197.38 and a beta of 0.36. Corcept Therapeutics has a 52-week low of $28.66 and a 52-week high of $91.00. The company’s fifty day simple moving average is $46.60 and its 200 day simple moving average is $52.22.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 EPS. Sell-side analysts predict that Corcept Therapeutics will post 0.52 EPS for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director G Leonard Baker, Jr. acquired 100,000 shares of the stock in a transaction on Tuesday, March 17th. The shares were bought at an average cost of $33.14 per share, with a total value of $3,314,000.00. Following the transaction, the director owned 1,146,631 shares of the company’s stock, valued at approximately $37,999,351.34. This trade represents a 9.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 26,198 shares of the firm’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the transaction, the chief executive officer directly owned 2,918,326 shares in the company, valued at $146,120,582.82. The trade was a 0.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 86,198 shares of company stock valued at $3,887,769. Insiders own 20.70% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of large investors have recently bought and sold shares of CORT. JPMorgan Chase & Co. raised its stake in shares of Corcept Therapeutics by 223.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after buying an additional 587,053 shares during the last quarter. Brown Capital Management LLC acquired a new stake in shares of Corcept Therapeutics during the third quarter valued at $19,950,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock valued at $19,404,000 after acquiring an additional 268,155 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Corcept Therapeutics by 34.1% during the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company’s stock valued at $59,858,000 after acquiring an additional 183,038 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in shares of Corcept Therapeutics by 13.7% during the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company’s stock valued at $30,405,000 after acquiring an additional 44,070 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.